MillerKnoll vs Pitney Bowes
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The short version
- MillerKnoll is the larger business, with $3.8B of revenue in fiscal 2026 against $1.9B for Pitney Bowes, about 2.0 times as much.
- MillerKnoll grew revenue faster (4.7%, against −6.6%).
- Pitney Bowes turned more of its sales into free cash flow (16.8% FCF margin, against 2.0%).
- Pitney Bowes earned a higher return on the capital invested in it (27.7%, against 6.1%).
- Investors pay more for each dollar of MillerKnoll’s earnings: a P/E of 15.0x against 14.1x for Pitney Bowes.
| Latest fiscal year | MLKN · FY26 | PBI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.5B | $2.4B |
| Revenue | $3.8B | $1.9B |
| Free cash flow | $77.6M | $317M |
| Net income | $91.5M | $145M |
| Growth | ||
| Revenue growth | 4.7% | −6.6% |
| 5-year growth | 9.3% | −11.8% |
| Share count change | 0.5% | −5.2% |
| Profitability | ||
| Gross margin | 38.8% | — |
| Operating margin | 5.2% | — |
| Net margin | 2.4% | 7.7% |
| FCF margin | 2.0% | 16.8% |
| Return on capital | 6.1% | 27.7% |
| Return on equity | 7.0% | — |
| Balance sheet | ||
| Net debt | $1.1B | $1.7B |
| Net debt / EBITDA | 3.2x | 3.9x |
| Dividends and buybacks | $51.1M | $430M |
| Valuation & quality | ||
| P/E | 15.0x | 14.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
MLKN $2.3B
PBI $2.8B
FY18
MLKN $2.4B
PBI $3.2B
FY19
MLKN $2.6B
PBI $3.2B
FY20
MLKN $2.5B
PBI $3.6B
FY21
MLKN $2.5B
PBI $3.7B
FY22
MLKN $3.9B
PBI $2.5B
FY23
MLKN $4.1B
PBI $2.1B
FY24
MLKN $3.6B
PBI $2.0B
FY25
MLKN $3.7B
PBI $1.9B
FY26
MLKN $3.8B
PBI —
MLKN
PBI
Operating margin
FY17
MLKN 8.4%
PBI —
FY18
MLKN 7.5%
PBI —
FY19
MLKN 7.9%
PBI —
FY20
MLKN −1.5%
PBI —
FY21
MLKN 9.4%
PBI —
FY22
MLKN 1.0%
PBI —
FY23
MLKN 3.0%
PBI —
FY24
MLKN 4.6%
PBI —
FY25
MLKN 1.4%
PBI —
FY26
MLKN 5.2%
PBI —
MLKN
PBI
Free cash flow
FY17
MLKN $115M
PBI $336M
FY18
MLKN $95.9M
PBI $207M
FY19
MLKN $131M
PBI $131M
FY20
MLKN $153M
PBI $197M
FY21
MLKN $273M
PBI $117M
FY22
MLKN −$107M
PBI $92.4M
FY23
MLKN $79.6M
PBI $2.0M
FY24
MLKN $274M
PBI $157M
FY25
MLKN $102M
PBI $317M
FY26
MLKN $77.6M
PBI —
MLKN
PBI
Return on capital
FY17
MLKN 19.6%
PBI 11.0%
FY18
MLKN 18.7%
PBI 12.1%
FY19
MLKN 20.5%
PBI 6.2%
FY20
MLKN −3.7%
PBI −3.3%
FY21
MLKN 24.5%
PBI 4.1%
FY22
MLKN 1.9%
PBI 12.7%
FY23
MLKN 4.3%
PBI 3.1%
FY24
MLKN 5.6%
PBI 8.7%
FY25
MLKN 1.7%
PBI 27.7%
FY26
MLKN 6.1%
PBI —
MLKN
PBI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.